CONVERGE TECH SLTN CORP - CTSDF STOCK NEWS

Converge Technology Solutions Corp. (TSX: CTS, FSE: 0ZB, OTCQX: CTSDF) has announced the deconsolidation of its subsidiary, Portage CyberTech Inc., effective June 27, 2024. This follows Converge's decision to relinquish its right to majority representation on Portage CyberTech's board pursuant to a June 27, 2024 voting agreement. Concurrently, Portage CyberTech secured a new $15 million credit facility with CIBC, drawing $10 million immediately, with an additional $5 million contingent on achieving future targets. Converge retains a 51% ownership stake and a $25 million long-term loan with Portage CyberTech. CEO Shaun Maine emphasized that this move will allow both companies to pursue independent growth paths.

Converge Technology Solutions (TSX: CTS) was named North America Storage Partner of the Year by Hewlett Packard Enterprise (HPE) during the 2024 HPE Discover conference. This award is part of HPE's Partner of the Year Awards 2024, which recognizes partners for exceptional financial performance, innovative solutions, and significant business results. Converge's CEO, Greg Berard, expressed gratitude for the award, highlighting the successful and ongoing collaboration between Converge and HPE.

HPE’s VP of Worldwide Channel & Partner Ecosystem, Simon Ewington, emphasized the importance of partnerships in delivering successful customer outcomes. This recognition underscores the value that Converge brings to its customers in their digital transformation journeys.

Converge Technology Solutions has been named the Alteryx 2024 Americas Acceleration Partner of the Year. This honor was awarded at the Alteryx user conference, Inspire, as part of the Maveryx Excellence Awards. Converge earned this recognition for its significant contributions in providing impactful data insights to customers over the past year.

CEO Greg Berard expressed pride in the award, highlighting the company's commitment to delivering advanced analytics solutions that drive business outcomes. The accolade underscores the importance of Converge's partnership with Alteryx in helping clients navigate data-driven journeys effectively.

Converge Technology Solutions has announced the election of Gayle Morris and Mary Hassett to its Board of Directors. Gayle Morris brings over 30 years of experience in high-tech computing, software, and networking, having worked at Microsoft, Cisco, BEA Systems, and Dell. Her expertise in market transitions and sales models is expected to be a valuable addition. Mary Hassett, with 25 years of HR leadership experience, currently serves as Senior VP and Chief of Human Resources at Lam Research. Her background in employee engagement and leadership development, particularly from her tenure at Hewlett Packard Enterprise, is anticipated to enhance Converge's strategic priorities and company culture.

Converge Technology Solutions Corp. (TSX: CTS, FSE: 0ZB, OTCQX: CTSDF) announced the results of its annual general and special meeting of shareholders held on June 19, 2024. The 10 nominees elected as directors include Shaun Maine, Thomas Volk, Brian Phillips, Nathan Chan, Ralph Garcea, Darlene Kelly, Toni Rinow, Wendy Bahr, Gayle Morris, and Mary Hassett. Ernst & Young LLP was appointed as the company’s auditor until the next annual meeting. Shareholders also approved the Amended and Restated Employee Share Purchase Plan and the renewal of the Long Term Incentive Plan.

Converge Technology Solutions has been named the 2024 Large Solution Provider Partner of the Year by Arctic Wolf. This recognition underscores Converge's leadership in security practices, executive alignment, revenue growth, and service excellence. CEO Greg Berard expressed pride in the partnership's exponential growth and looks forward to further collaboration. The Arctic Wolf Partner of the Year Awards honor top-performing partners for their contributions to enhancing security operations.

Converge Technology Solutions has launched Contact Center IQ, a generative AI-based service built on IBM's watsonx platform. The service aims to enhance decision-making, operational efficiency, and customer experiences in contact centers. Contact Center IQ leverages AI insights to provide effective self-service options and simplify access to knowledge management systems. The solution responds to high client demand for improved customer experiences, agility, and cost reduction. Greg Berard, CEO of Converge, and Kate Woolley, General Manager at IBM Ecosystem, highlight the strategic partnership and the potential benefits for clients.

Converge Technology Solutions (CTSDF) has been ranked #28 on CRN's 2024 Solution Provider 500 list, marking its fourth consecutive year on the list.

This is a significant rise from its initial ranking in 2020. The list recognizes North America's largest solution providers by revenue and highlights the most influential companies in the IT industry.

CRN's annual list represents a combined revenue of over $501.2 billion. Converge's CEO, Greg Berard, attributed this achievement to the dedication and hard work of the company's services and solutions teams.

The recognition underscores Converge's ability to adapt to rapid changes in the IT channel, including the expansion of 'Everything as a Service' and GenAI disruption.

The full list will be available online and in CRN Magazine's June issue.

Converge Technology Solutions Corp. reported its First Quarter 2024 Results, highlighting a third consecutive billion-dollar gross sales quarter. Key financial figures include gross sales of $1.01 billion, representing a 4.2% increase, a revenue decrease to $628.8 million, and a net loss of $3.5 million. The company's adjusted EBITDA increased to $42.2 million, and cash from operating activities rose to $110.9 million. Converge reduced its net debt significantly year-over-year. The Board declared a quarterly dividend of $0.015 per common share. Financial outlook for Q2 2024 includes expected gross profit of $175 million - $182 million and adjusted EBITDA of $43 million - $46 million. Conference call details for further information.